Purchase Bridge Loan for 6 units Multifamily in Long Beach, CA

Funded by Diversified Mortgage

$1,250,000

Deal Details

Private Loan Type

Purchase

Approx. Funding Date

03/09/2023

Property Type
Multifamily
Property City

Long Beach

Property State

CA

Loan Term (months)

24

Lien Type

1st Trust Deed

Purchase Price

$2,000,000

Loan-to-Purchase Price

62.5%

Source of Borrower's Contribution

Cash

Location Type

Urban

Property Condition

Fair

Occupancy at Closing

Partially Occupied

Borrower's Plan

Rehab and Sell

Exit Strategy

Sale

Interest Rate

7.5%

Origination Points

2.25%

Deal Highlights

Ease of transaction and quick close

Funded By

Diversified Mortgage

Multifamily Bridge Loans only. Interest Rates are 8.5% for 4-year term, 8.25% for 2 years, 7.95% for 1 year.

Dealmakers

Mike Meisenbach

Loan Agent

CA DRE Lic. 01049908